MAP4C Simple Interest Homework
Simple Interest Formula: I = Prt
- Write each of the following percents as a decimal.
a) 24 % b) 12 % c) 1 % d) 4.6 %
e) 0.25 % f) 7.25 % g) h)
i) j)
- Calculate the interest earned on each investment. Remember to change the interest rate to a decimal and make sure the time is in years or portion of years. Show your work including formula.
Principal / Rate / Time
a) / $1100 / 3.4 % / 2.5 years
b) / $640 / / 850 days
c) / $4000 / / 15 months
d) / $955 / 4.75 % / 15 weeks
Recall: The simple interest formula can be rearranged for any variable that you want to solve for.
I = Prt
- Calculate each missing item from the chart below. Show your work for each calculation.
Principal / Rate / Time / Interest
a) / $375 / 7.25% / $95.16
b) / / 90 days / $16.98
c) / $945 / 10.5 years / $520.93
d) / $1375 / / 18 months
e) / 6.4% / 120 days / $105.73
f) / $665 / 10.8% / $466.83
g) / $8150 / 7.75 years / $5305.65
h) / $1995 / 3.45% / $34.41
i) / 5.8% / 180 days / $25.03
j) / $2950 / 1.5 years / $336.30
- Emma’s retirement account grew from $300 to $362.76 in 5 months. What annual rate of interest rate (written as a %) does her account pay?
- Cecille cashed a $1000 Canadian Savings Bond (CSB) that earns 5.7% simple interest per year. She received $1348. How long did Cecille hold the bond?
- Joan cashed a CSB after 3 years and received $93 in interest. The annual rate on the bond was 6.2%. What was the original value of the bond?
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